BRICS nations agree to create development bank

July 16, 2014

FORTALEZA, Brazil - The leaders of five emerging market powers said at a summit Tuesday that they agreed to create a development bank worth $100 billion that will have its headquarters in China. The first president of the New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa - the so-called BRICS nations, a joint statement from the leaders said.